Yorktown apartments stay affordable under new ownership

10:02 PM,
May 18, 2013

Yorktown town officials and developers cut the ribbon Thursday at Underhill Crossing in Yorktown, which will remain as 'workforce housing' following its purchase last year by a developer specializing in running middle- and low-income residences.

Written by

Robert Marchant

An apartment complex will remain "affordable" in years to come following its purchase and renovation by a development company working with government aid.

The newly named Underhill Crossing was built with a federal subsidy 40 years ago, and its designation as affordable housing expired last year. The 60-unit apartment complex, which could have reverted to market-rate rentals, was instead purchased by Marathon Development Group of Peekskill, which specializes in running affordable-housing buildings. The $10 million development cost of the site, which included modernization of ...